Our general rule of thumb is that you should maintain whatever existing life cover you have in the UK [so make sure you leave sufficient funds in your UK bank account] until you are certain that NZ is to be your long term home. This generally means we will not look at replacing and reviewing your existing cover until you have been here for a minimum of 9 to 12 months.
You should inform your UK provider of your move to NZ – most will be fine with maintaining the life cover – be aware that this may not be the same for Critical Illness Plans – for some reason they tend NOT to allow these to continue and if you need to maintain that cover we can put some in place once you arrive in NZ.
It is important that we review what cover you have and identify whether we believe there is enough in place now – we appreciate cost may be an issue but knowing what is ideal is important.
When we need to review your cover we will ensure that you speak with specialist in the NZ protection field.
A point of difference between the UK and NZ relates to sick pay. For most people starting new in NZ that will be almost non-existent.....no more than 5 or 6 paid days p.a. initially. This is a culture shock and you will need to give some serious thought to protecting your income in the event of ill health, especially once you buy a property.
This can be very expensive for an "all dancing/all singing" policy. If you stick to something that covers specialist costs and tests and hospitalisation and operations etc the costs become more reasonable but still expensive. You need to consider the risks of needing this cover and what the local State system can offer you.
For specialist advice and a review of your current circumstances and to ensure that your family are suitably protected in your new country contact us here.